EXFO second-quarter misses estimates
EXFO second-quarter misses estimates
April 3 (SmallCapInvestor.com) - EXFO Electro-Optical Engineering Inc. (Nasdaq: EXFO) reported late today fiscal second-quarter net income and revenue that missed analysts’ estimates.
Quebec City, Can.-based EXFO manufactures and sells a line of test and measurement solutions for the global telecommunications industry.
For the second quarter ended Feb. 28, 2007, EXFO posted revenue of $35.2 million compared with revenue of $30.1 million for the same period last year. Meanwhile, the firm also posted a 96% increase in GAAP net earnings – to $2.7 million, or $0.04 per share, from $1.4 million, or $0.02 per share, for the second quarter of 2006.
Seven analysts polled by Thomson First Call had predicted EXFO would post earnings of $0.06 per share on revenue of $36.2 million.
Moving forward, EXFO forecasted sales between $36 million and $39 million and GAAP net earnings between $0.03 and $0.06 per diluted share for the third quarter ending May 31.
The company noted that it launched seven new products in the second quarter. Germain Lamonde, EXFO's chairman, president and CEO, said that the firm’s product launches are strengthening its competitive position in strategic market segments.
Lamonde predicted that the launches would ultimately help EXFO accelerate market-share gains and lead to a “significant” increase in sales in the second half of fiscal 2007.
The company’s stock was down $0.17, or 2.8%, to $5.90 in after-hours trading Tuesday. It has traded as high as $8.80 – on May 12, 2006 – and as low as $4.80 – on Nov. 2, 2006 – in the past year.
